Austrian Tractor Firm

Another Acquisition By Case

June 19, 1996

Making its third acquisition this year, Case Corp. said it is buying 75 percent of the shares of an Austrian tractor manufacturer that specializes in mountainous agriculture.

Racine, Wis.-based Case declined to discuss terms in purchasing a majority stake in Steyr Landmaschinentechnik GmbH, headquartered in St. Valentin, Austria, from its parent, Steyr-Daimler-Puch AG of Vienna.

The specialized tractors "will enable us to build our business in Germany and some parts of France as well as Austria, Switzerland and Italy," said Jean-Pierre Rosso, Case chairman, president and chief executive. Case also sees potential markets in Eastern European countries such as Hungary and Romania.

Steyr Landmaschinentechnik had 1995 revenues of $176 million and employs about 400 people. The company's sales and distribution network is primarily in Austria and Germany.

Case was spun off by Houston-based Tenneco Inc. in four public stock offerings, the last in February. Case announced an acquisition in January and another earlier this month.